Manitex, Linamar sales increase

News Story
- 13 Nov 2014 ( #693 ) - United States
3 min read
Manitex Liftking Series-P straight-mast forklift
Manitex Liftking Series-P straight-mast forklift
Sales for Manitex International Inc increased 15.1% and those for Skyjack manufacturer Linamar Corp's industrial segment jumped 32% in the third quarter ended 30 September.

Manitex

The Bridgeview-based provider of cranes and specialised materials and container handling equipment says military orders for its Manitex Liftking ULC subsidiary's materials handling equipment will contribute to product mix and margin improvement in the current quarter. Liftking production occurs in Woodbridge, Ontario, Canada.

For the recent quarter, Manitex reports a profit of USD1.79 million on sales of USD66.2 million, including completed shipment of military forklifts under existing Liftking contracts. The comparable 2013 period had profits of USD2.62 million on sales of USD56.5 million.

Separately, the Liftking unit received three US Navy contracts with total value of USD75 million to USD125 million with delivery over five years. Approximately USD14 million of orders on these contracts are included in Manitex's 30 September backlog.

David Langevin, Manitex International chairman and chief executive officer, notes that the equipment replacement cycle and growth plans promise a positive future for the company. He observes that equipment from the last upcycle in 2002-2006 is showing signs of wear and ageing.

"While worldwide demand for capital equipment could be mostly characterised as sluggish, as a niche provider serving diverse markets, we continue to see certain pockets of strength within our product portfolio," Langevin says. "Consistent with our history even in a more challenged economic environment, we have taken advantage of opportunities to grow our business, adding new product lines, geographies and channels to market to ensure our continued long-term growth, while simultaneously seeking out ways to optimise our production and cost structure."

Manitex remains on track to complete the acquisition of PM-Group SpA of San Cesario sul Panaro, Italy, initially announced on 21 July and pending court approval of a debt restructuring plan. Langevin expects the deal to add more than "USD100 million of profitable revenue to our base of business, and we believe this will be a substantial growth area for us as we take this product through our distribution into the North American markets".

Langevin also sees opportunities from Manitex's joint venture with Terex Corp relating to Terex subsidiary ASV Inc of Grand Rapids, Minnesota. After completion of the transaction in the fourth quarter, Manitex will own 51% of ASV and Terex will own 49% of ASV. Langevin views ASV as having significant potential for Manitex, both in providing exposure in the housing market and offering new distribution channels with cross-marketing opportunities.

Subsequent to the end of the third period, Manitex announced receipt of orders valued at USD17 million for large tonnage capacity cranes.

Linamar

Guelph-based Linamar reports sales for its Skyjack access equipment group doubled in Europe during the third quarter.

Skyjack SJ63AJ boom
Skyjack SJ63AJ boom
Increased sales from higher market demand for access equipment in both North America and Europe drove the industrial segment results. Segment sales increased to CAD168.4 million (USD150.7 million), up from CAD127.6 million (USD114.2 million) in the 2013 third quarter. Linamar says its marketshare grew for scissor lifts in Europe and booms in North America.

Linda Hasenfratz, Linamar chief executive officer, says Skyjack's global and product line expansions are intended to increase market share in all products and regions. Linamar aims to double Skyjack's total 2013 sales levels by 2020 and, near term, cites industry global market predictions for 2014 and 2015 market growth in the range of 5%-10%. Hasenfratz says Skyjack production is currently exceeding those global forecasts.

Within the industrial segment, the company's Skyjack operating group manufactures mobile industrial equipment including aerial work platforms and telehandlers. The product line includes vertical mast lifts, electric scissors, rough terrain scissors, articulating booms and telescopic booms. In Guelph, scissor production is handled in plant one, with manufacturing of booms and telehandlers in Linamar's newer plant two.

For all operations in the third quarter, Linamar reports a profit of CAD79.4 million (USD71.1 million) on sales of CAD1.02 billion (USD 913 million) for the 2014 period versus profits of CAD52.0 million (USD46.5 million) on sales of CAD893.3 million (USD799.6 million) for the comparable 2013 period.

In addition to Skyjack, the industrial segment includes operating groups for machining-assembly and forging. Linamar's other operating segment deals with powertrain and driveline products.
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